Navigating The Home Selling Process
Selling a home often means navigating a maze of offers and contracts. Here’s the way through it:
The Home Selling Process
The buyer will meet with a listing agent whom will let the buyer know what their property is worth. They’ll discuss the local market and the agent will provide a C.M.A. (competitive market analysis). More often than not, a home’s price will be worth as much as the others around it.
A property’s location matters, but it isn’t limiting. A seller can increase their property’s value by performing recommended maintenance and boosting curb appeal.
When maintenance issues are resolved and the home has improved its curb appeal, it’s time to list.
A property listed in a hot area can attract multiple showings in a single day. Properties in lower-demand areas will need to be patient. The right buyer is worth waiting for.
Negotiations when selling begin when the right buyer arrives. The buyer will make an offer. The listing agent will make a counteroffer. More back and forth often ensues.
Once an agreement is finalized, the listing agent will normally give the buyer twenty-four to forty-eight hours to agree.
However, negotiations don’t end when the contract is signed.
Due Diligence Period
At this point, the contract isn’t binding. During the due diligence period, the buyer can inspect the home and has between three to fourteen days to follow through on the contract.
If a buyer finds any issues, the buyer may ask for an amendment to address concerns; these can include a reduction in price, additional allowances, or repairs to the property which put a damper when selling.
If both parties agree to changes in the contract, the due diligence period is over, and the buyer is obligated to honor the contract. The only way a buyer can’t is if a financing contingency exists, or if the house appraises below the listing price.
If the appraisal is below the listing price, the buyer will have to pay the difference or the seller will have to reduce the price.
Sellers that have a unique property (e.g. an underground bunker), or a home markedly different than other homes in their area, should get an appraisal before selling.
After final negotiations, the buyers’ bank lender will give a “clear to close.” The closing attorney will then set the day to sign the final paperwork.
Buyers and sellers have to wait three days before signing the final paperwork. If a contract has to be amended, buyers and sellers will make the necessary changes, and wait an additional three days before closing.
Once the seller and buyer sign the final paperwork, the title is transferred. Sellers will have reached the end of the listing maze and can move on to their next home and the selling process is complete!.
If you need any help in selling your home, contact us today.
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Buying A Home, Selling a Home